03/26/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 26, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1272 to 1295 (NC) Summ. 1125 to 1164 River Elevators: (Mar) MISS: 1255 to 1318 ; AR & White 1285 to 1292 (NC) Summ. 1141 to 1172 Ark. Processor Bids: (Mar) 1277 to 1289  (NC) 1157 to 1162 Memphis:  (Mar) 1322 to - - - (NC)  1164 1/2 to 1169 1/2 Riceland Foods:  (Mar) Stuttgart 1289 ; Pendleton 1295 ; West Memphis 1318 Chicago Futures: May up 45 at  1352   Jul  up  43 1/2  at  1365 1/2   Aug up 40  at  1356   Nov up 5 1/2  at  1244 1/2   Nov '09 unchanged   at  1175   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed higher again today. However, after two days of limit gains the market was a little more two-sided. Greatest strength was seen in old crop contracts which are impacted most by tightening U.S. stocks and the continued farmer strike in Argentina. New crop December traded up and down the scale suggesting a possible balance developing. Index funds remain a major factor but it does appear fundamentals are having at least a little influence. November will have resistance at today’s high of $12.66, and then around $13.00. Support ranges from $11.90 to $11.50. Corn tended to follow soybeans but the overall situation, both fundamentally and technically, appears stronger for corn. December resistance starts at the $5.90 contract high. Wheat Cash bid for new crop at Memphis  864 1/2 to 867 1/2; Bids to farmers at Local Elevators 833-858; River Elevators 830-866; Chicago Futures: May down  35 1/2  at  1033    Jul down 36  at  1032 1/2    Sep down  39 1/2  at  1043    Dec down  36 1/2  at  1054    Jul '09 down  33  at  995    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  956 to 959; Bids to farmers at River Elevators 850-913; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   544 1/4 to 547 1/4;   new crop at Memphis   518 to 523; Bids to farmers at River Elevators  522 to 540 Chicago Futures: May up  7 1/2  at  552 1/4    Jul up  8  at  565    Sep up  8  at  568    Dec up  8 3/4  at  568 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures had a down day, driven mainly by the funds. Turkey cancelled a 25,000 metric ton tender for U.S. wheat, also adding to the negative undertone. It is still a strong possibility that this market has put in a major top. Key support remains $10 for the July contract. Cotton & Rice  Date: March 26, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 34 at  6679   Greenwood down  34 at 6679 New York Futures: May down  23  at  7390    Jul down  46  at  7710    Dec down  57  at  8417    Mar '09 down  91  at  8638    May '09 down  59  at  8740  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower most of the session and ended down slightly. December tested resistance early but failed to hold above the 85 cents level. The next retracement objective and potential resistance is 87.4 cents. While the big move in cotton earlier this month was overdone, it appears there is solid support around the break out point. Look for this support to continue although it is obvious that export demand is declining. A smaller ’08 acreage will help bring the supply side of the market into better balance. Weather factors may alter planting intentions which are to be released a week from today. Rice Long Grain Cash Bid for  Mar 1575/cwt  to  - - -   Apr 1600/cwt  to  - - - Chicago Futures: May up  17 1/2  at  1922    Jul up  20  at  1950    Sep down  25  at  1740    Nov down  20  at  1750    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed mixed with old crop stronger and new crop slightly lower. May futures are in position to test the contract high of $19.55, but November failed to move to a new high before declining. Overall fundamentals remain positive with tight U.S. and world supplies limiting availability. India is maintaining a minimum Export Price which moves higher as the market gets close. Vietnam sales are limited by available supply and Thailand is awaiting further market developments. Improvement of available supplies is expected to be limited and overall market outlook remain firm to higher. Cattle & Hogs  Date: March 26, 2008 Cattle As reported by Federal-State Market News, receipts were 1,577 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $2-5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to 127   500 to 550 lbs. 105 to 115   600 to 650 lbs. 94 to 100  Medium & Large Frame 2   400 to 450 lbs. 98 to 108 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 97 to 107  Medium & Large Frame 2   400 to 450 lbs. 85 to 95 Slaughter Cows, Boners 46   to   52 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   64, high dressing 64.50-65 Midwest Steers   were quoted   at   87   to   88 Panhandle Steers   were quoted   at   87   to   88 Oklahoma City Feeders Steers 550 to 600 lbs. 115 to 127.50   650 to 700 lbs. 107.25 to 112.50 Heifers 550 to 600 lbs. 102 to 109   600 to 650 lbs. 96.50 to 100.25 Chicago Futures: Live Cattle: Apr down 100 at 9015   Jun down 80 at 9005 Feeders: May down 157 at 10455   Aug down 130 at 10905 Cattle Comment Cattle futures were lower across the board. Wholesale movement has been slow, apparently buyers are worried that economic woes will impact consumer choices. June is attempting to build support in the $90 area. Hogs Peoria: were     steady   at   27.5   to   28 Chicago Futures: Apr down 47 at 5742   Jun down 165 at 7095 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were sharply lower, and June charted a bearish reversal. A retest of the contract low of $70.10 is certainly a possibility. Huge slaughter totals are being recorded, and frozen stocks are already burdensome. Poultry  Date: March 26, 2008 Eggs New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 138-142; Chicago:  Ex. Lg. 154-162; Lg. 152-160; Med. 131-139; Eastern Region Turkeys Hens: 8-16 lbs. 82-84 Toms: 16-24 lbs. 82-84   Delmarva Broilers U.S. Grade A Trade sentiment was about steady with caution noted. Demand was slow to moderate at best with regular commitments usually sufficient to fulfill needs. Supplies of all sizes were at least adequate to readily available. In production areas, live supplies were moderate at mixed, but mostly desirable weights. ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity_marketing/email/ ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use